LASIK and Flexible Spending Accounts (FSA’s)

Yes, it’s flexible spending time again! The good news for those of you considering LASIK is that you can use money from your flexible spending account (FSA) to pay for a portion of your LASIK procedure. But, you have to plan ahead! So, if your goal is to have LASIK in 2018, you’ll need to contribute to your FSA very soon in order to use those tax-free dollars in 2018.

Not sure if you have an FSA? Check with your human resources department as they typically administer these plans. While you’re at it, confirm the deadline for your plan. Each plan is different, so you want to make sure you don’t miss your plan’s deadline for contributions in 2017.

Here’s a quick review of FSA’s for those of you who are not familiar with the benefits:

An FSA is an account set up by employers which allows employees to set aside tax-free dollars. By putting this money aside, the employee pays no Federal, FICA or State taxes on the amount in their FSA account. This money can then be used to pay for many healthcare costs. Elective or cosmetic procedures, such as LASIK, are some of the items that can be paid for with this tax-free money. The current maximum FSA contribution is $2,600.00 per year.